Common use of Rights of Holder upon Default Clause in Contracts

Rights of Holder upon Default. Upon the occurrence or existence of any Event of Default described in Section 6, and at any time thereafter during the continuance of such Event of Default, Holder may, with the consent of the Majority Holders and subject to the rights of the holders of Senior Indebtedness under the Subordination Agreements, by written notice to the Company, declare all outstanding Obligations payable by the Company hereunder to be immediately due and payable without presentment, demand, protest or any other notice of any kind, all of which are hereby expressly waived, anything contained herein or in the other Transaction Documents to the contrary notwithstanding. In addition to any other remedies hereunder, upon the occurrence or existence of any Event of Default, Holder may exercise any other right power or remedy granted to it by the Transaction Documents or otherwise permitted to it by law, either by suit in equity or by action at law, or both. For purposes of this Agreement, the term, “Obligations” shall mean and include all loans, advances, debts, liabilities and obligations, howsoever arising, owed by the Company to Holder of every kind and description (whether or not evidenced by any note or instrument and whether or not for the payment of money), now existing or hereafter arising under or pursuant to the terms of this Note and the Purchase Agreement, including, all interest, fees, charges, expenses, attorneys’ fees and costs and accountants’ fees and costs chargeable to and payable by the Company hereunder and thereunder, in each case, whether direct or indirect, absolute or contingent, due or to become due, and whether or not arising after the commencement of a proceeding under Title 11 of the United States Code (11 U. S. C. Section 101 et seq.), as amended from time to time (including post-petition interest) and whether or not allowed or allowable as a claim in any such proceeding.

Rights of Holder upon Default. Upon the occurrence or existence of any Event of Default described in Section 6Default, and at any time thereafter during the continuance of such Event of Default, Holder may, with the consent of the Majority Holders and subject to the rights of the holders of Senior Indebtedness under the Subordination Agreements, by written notice to the CompanyMaker, declare all outstanding Obligations obligations payable by the Company Maker hereunder to be immediately due and payable without presentment, demand, protest or any other notice of any kind, all of which are hereby expressly waived; except that upon the occurrence or existence of any Event of Default set forth in Sections 4(c), anything contained herein (d) or (e) herein, all of the outstanding obligations payable by the Maker hereunder shall automatically become immediately due and payable without presentment, demand, protest or any other notice of any kind, all of which are hereby expressly waived. No delay or omission by Holder in the exercising any right shall operate as a waiver of such right or any other Transaction Documents right under this Note; a waiver on any one occasion shall not be construed as a bar to the contrary notwithstandingor waiver of any right on any future occasion. In addition to any other remedies hereunderthe foregoing remedies, upon the occurrence or existence of any Event of Default, Holder may exercise any other right right, power or remedy granted to it by hereunder or pursuant to applicable law. The Maker agrees to pay all taxes levied or assessed upon the Transaction Documents or otherwise permitted outstanding principal against any holder of this Note. The prevailing party in any action (i) to it by lawcollect payment on this Note, either by suit (ii) in equity or by action at lawconnection with any dispute that arises as to its enforcement, validity, or both. For purposes of this Agreementinterpretation, the term, “Obligations” shall mean and include all loans, advances, debts, liabilities and obligations, howsoever arising, owed by the Company to Holder of every kind and description (whether or not evidenced by legal action is instituted or prosecuted to judgment, or (iii) to enforce any note or instrument and whether or not for the payment of money)judgment obtained in any related legal proceeding, now existing or hereafter arising under or pursuant shall be entitled to the terms of this Note and the Purchase Agreement, including, all interest, fees, charges, expenses, attorneys’ fees and costs and accountants’ fees and costs chargeable to and payable by the Company hereunder and thereunderexpenses incurred, in each case, whether direct or indirect, absolute or contingent, due or to become due, and whether or not arising after the commencement of a proceeding under Title 11 of the United States Code (11 U. S. C. Section 101 et seqincluding attorney fees.), as amended from time to time (including post-petition interest) and whether or not allowed or allowable as a claim in any such proceeding.

Rights of Holder upon Default. Upon the occurrence or existence of any Event of Default described in Section 6Default, hereof and at any time thereafter during the continuance of such Event of Default, Holder may, with the consent of the Majority Holders and subject to the rights of the holders of Senior Indebtedness under the Subordination Agreements, by written notice to the Company, declare all outstanding Obligations obligations payable by the Company hereunder to be immediately due and payable payable, and take possession of and exercise control over, to the fullest extent permitted by law, any Collateral, without presentment, demand, protest or any other notice of any kind, all of which are hereby expressly waived. Upon the occurrence of any Event of Default without notice, anything contained herein or in all principal and accrued and unpaid interest hereunder shall automatically become immediately due and payable, and the other Transaction Documents Holder may take possession of and exercise control over, to the contrary notwithstandingfullest extent permitted by law, any Collateral, without presentment, demand, protest or any other notice of any kind, all of which are hereby expressly waived. In addition to any other remedies hereunderthe foregoing remedies, upon the occurrence or existence and during the continuance of any Event of Default, Holder may exercise any other right power or remedy granted to it by the Transaction Documents or otherwise permitted to it by law, either by suit in equity or by action at law, or both. For purposes Notwithstanding the immediately preceding sentence, if a Default is in respect of a bankruptcy or insolvency proceeding the principal of this AgreementNote, the termand all accrued and unpaid interest, “Obligations” shall mean automatically become immediately due and include all loanspayable. In addition, advances, debts, liabilities and obligations, howsoever arising, owed by the Company to Holder of every kind and description (whether or not evidenced by any note or instrument and whether or not Pxxxx may institute judicial proceedings for the payment collection of money)the amounts due and may prosecute such proceeding to judgment or final decree, now existing and may enforce the same against Company and collect the amount due (together with reasonable costs of collection, including reasonable attorney' s fees and expenses) adjudged or hereafter arising decreed to be payable in the manner provided by law out of the property of Company. Pxxxx may also exercise the rights of a secured party under or pursuant to the Uniform Commercial Code then in effect in Nevada and under the terms of this Note the other transaction documents and the Purchase Agreement, including, may exercise any and all interest, fees, charges, expenses, attorneys’ fees and costs and accountants’ fees and costs chargeable to and payable by the Company hereunder and thereunder, other rights Payee may have at law or in each case, whether direct or indirect, absolute or contingent, due or to become due, and whether or not arising after the commencement equity The default rate of a proceeding under Title 11 of the United States Code (11 U. S. C. Section 101 et seqinterest is 15% per annum.), as amended from time to time (including post-petition interest) and whether or not allowed or allowable as a claim in any such proceeding.